SVNT - Savient Pharmaceuticals, Inc. (NASDAQ:SVNT)Savient Pharmaceuticals, Inc. (SVNT) announced that the U.S. Food and Drug Administration (FDA) has approved KRYSTEXXA (pegloticase), a PEGylated uric acid specific enzyme indicated for the treatment of chronic gout in adult patients refractory to conventional therapy. Shares gained 21% in extended trading and are expected to gain at least 35% on Wednesday.LVLT-Level 3 Communications, Inc. (NASDAQ:LVLT) LVLT - Level 3 Communications Inc. announced on Monday that it will sell $175 million in six-year notes. Proceeds will be used for working capital, capital spending, and the potential repurchase of shorter-term notes. LVLT lost 18% of its market cap on Tuesday following the News. A correction in the stock price is expected on Wednesday following the sell off on Tuesday.

ARNA- Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) slumped 39% on Tuesday on reports of FDA said in an initial review of its experimental diet drug lorcaserin that weight loss with the drug was relatively low and that there were three noteworthy safety issues.

NBIX- Neurocrine Biosciences, Inc. (NASDAQ:NBIX)Neurocrine Biosciences Inc. said on Tuesday that a potential treatment for major depressive disorder conferred no benefit on patients in a midstage study. The study on GSK561679 involved 150 patients and was conducted by partner GlaxoSmithKline. Neurocrine shares dropped 10% in after hours ont he news. The company said it plans to meet with GlaxoSmithKline in the coming months after full clinical data are available to discuss next steps for the program. The Drug also is under clinical trials for several other dies ease so the stock will not drop heavily on the news.